GE Vernova (NYSE:GEV) Reaches New 52-Week High - Here's Why

GE Vernova Inc. (NYSE:GEV - Get Free Report) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $500.72 and last traded at $495.26, with a volume of 807408 shares changing hands. The stock had previously closed at $485.16.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Barclays boosted their price target on shares of GE Vernova from $427.00 to $500.00 and gave the company an "overweight" rating in a research report on Friday, May 30th. Jefferies Financial Group lowered shares of GE Vernova from a "buy" rating to a "hold" rating and upped their target price for the stock from $427.00 to $517.00 in a research report on Thursday, May 29th. Royal Bank of Canada cut their target price on shares of GE Vernova from $453.00 to $445.00 and set an "outperform" rating for the company in a research report on Tuesday, March 18th. Robert W. Baird upped their target price on shares of GE Vernova from $387.00 to $405.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Finally, Johnson Rice started coverage on shares of GE Vernova in a research report on Friday, February 7th. They issued a "buy" rating and a $425.00 target price for the company. Seven analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $385.78.

GE Vernova Trading Down 0.9%

The firm's 50-day moving average price is $379.01 and its two-hundred day moving average price is $357.63. The stock has a market cap of $133.29 billion, a PE ratio of 87.83, a PEG ratio of 3.03 and a beta of 1.97.

GE Vernova (NYSE:GEV - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.37 by $0.54. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The firm had revenue of $8.03 billion during the quarter, compared to analyst estimates of $7.56 billion. During the same quarter in the previous year, the business posted ($0.47) EPS. GE Vernova's revenue was up 10.6% on a year-over-year basis. On average, analysts anticipate that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, April 18th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.20%. The ex-dividend date of this dividend was Thursday, April 17th. GE Vernova's dividend payout ratio (DPR) is presently 14.41%.

Hedge Funds Weigh In On GE Vernova

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Westover Capital Advisors LLC increased its position in GE Vernova by 2.3% during the first quarter. Westover Capital Advisors LLC now owns 1,130 shares of the company's stock worth $345,000 after purchasing an additional 25 shares during the last quarter. SVB Wealth LLC boosted its stake in shares of GE Vernova by 0.7% in the first quarter. SVB Wealth LLC now owns 3,585 shares of the company's stock valued at $1,094,000 after purchasing an additional 26 shares during the period. Stonebridge Financial Group LLC boosted its stake in shares of GE Vernova by 8.9% in the first quarter. Stonebridge Financial Group LLC now owns 344 shares of the company's stock valued at $105,000 after purchasing an additional 28 shares during the period. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of GE Vernova by 0.4% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 8,510 shares of the company's stock valued at $2,598,000 after purchasing an additional 30 shares during the period. Finally, Hemington Wealth Management boosted its stake in shares of GE Vernova by 20.3% in the first quarter. Hemington Wealth Management now owns 178 shares of the company's stock valued at $54,000 after purchasing an additional 30 shares during the period.

GE Vernova Company Profile

GE Vernova LLC, an energy business company, generates electricity. It operates under three segments: Power, Wind, and Electrification. The Power segments generates and sells electricity through hydro, gas, nuclear, and steam power. Wind segment engages in the manufacturing and sale of wind turbine blades; and Electrification segment provides grid solutions, power conversion, solar, and storage solutions.